Business Daily from THE HINDU group of publications
Tuesday, Jan 09, 2007
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Business Daily from THE HINDU group of publications Tuesday, Jan 09, 2007 ePaper |
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Stock Markets Markets - Stock Markets Our Bureau
Negative note The negative global impact trickled down to Indian markets
Mumbai , Jan. 8 Stock markets opened the week on a negative note with weak global markets prompting bears to roam freely. The BSE-30 Sensex tumbled over 250 points intra-day before ending at 13,652, down 208.37 points or 1.5 per cent. NSE S&P CNX Nifty closed below 4,000-level at 3933.4, down 1.26 per cent.
Red in Asia
Asian markets traded in the red with Indian stocks being sold by domestic and FIIs. The negative global impact trickled down to the Indian markets, said dealers. FIIs were net sellers for Rs 787.63 crore going by provisional figures on the NSE. Mutual funds have been net buyers for Rs 179.91 crore in January (up to January 5). All sectoral indices were down . BSE IT and TECk indices fell by 2.60 per cent and 2.29 per cent respectively. Top losers in the markets were Maruti Udyog, down 4.09 per cent at Rs 897.35. Wipro fell 3.20 per cent at Rs 579.65 and Infosys Technologies ended at Rs 2,205.95, down 3.03 pr cent. The overall market breadth was positive with 1,741 stocks gaining and 934 stocks declining.
`Selling pressure'
"Selling pressure was seen in commodity stocks such as metal. However, markets will revive with the beginning of the third quarter results," said Mr Ravindra Kasliwala, Head, Equity, Inventure Growth and Securities. Volumes were good with the turnover on BSE amounting to Rs 3,742.62 crore. Dealers, however, say that correction at these high levels is a temporary phase.
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